By Paul Milligan

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The falling value of the euro has seen a surge in wealthy Europeans investing in London property.

Upmarket estate agents in smart areas such as Mayfair in central London have reported a rise in Greek, Italian, Spanish and French buyers.

The ongoing eurozone crisis has meant those with the means to buy six- or seven-figure properties are looking to safeguard their money in the UK, as it is seen as a financially stable location.

Wealthy Europeans are escaping the instability of the eurozone crisis by investing their money in property in central London areas such as Mayfair

Wealthy Europeans are escaping the instability of the eurozone crisis by investing their money in property in central London areas such as Mayfair

David Adams, managing director of Mayfair estate agents John Taylor told The Guardian there are now three safe havens for financial investment - gold, the Swiss franc and London property.

That seems to be backed up by estate agents Savills, who has seen a jump of 50 per cent in web searches on its site from Greece, compared with six months ago.

The company has also seen a rise in property searches from France (16 per cent), Spain (10 per cent) and Italy (nine per cent).

With a host of financial problems at home, wealthy Greeks are now in the top five nationalities of buyers in London.  As the Greek economy has got worse and worse, more and more individuals have moved to London.

It seems the more instability there is in the eurozone, the more the London property market benefits.

Mayfair is popular with buyers from Greece, who are now in the top five nations buying property in London

Mayfair is popular with buyers from Greece, who are now in the top five nations buying property in London

It is not just financial problems that are driving Europeans to live in London, political instability or change is also having an effect.

Italians moving to London have complained about the way their home country is governed, and some wealthy French people have moved to London to escape the Socialist rule of Francois Hollande. 

Despite property prices falling throughout Europe, and staying static in the rest of the UK over the past few years, the cost of buying a home in central London has continued rising since 2009.

Prices are now 50 per cent higher than in March 2009, at the height of the credit crunch, and they are even higher (by 12 pr cent) than the previous peak of property prices in March 2008.

Data has shown European buyers tend to stick to specific areas of central London when buying property.

Greeks buyers look for homes in Mayfair, Knightsbridge and South Kensington, with the French looking at the Kensington and South Kensington areas.

Italian buyers are snapping up homes in Kensington and Pimlico, whereas Spanish property investors are interested in Notting Hill, Pimlico and Kensington.

London is also attractive for foreign property investment because of relaxed legal and tax regimes.

Here's what other readers have said. Why not add your thoughts, or debate this issue live on our message boards.

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Any EU citizen buying property in this country should have it confiscated and the proceeds go towards paying us back for the constant bailouts we are giving the EU despite NOT being part of the shambles of the single currency. We have bailed out Greece, Ireland and Portugal now looks like we are going to have to give billions to Spain. - Keyboard Kowboy, From the Edge of The Abyss called England, 02/6/2012 19:05 ---------------------------------------------------------------------------------------------------------------- A post that is truly laughable for its stunning ignorance and stupidity.

they won't stay for long when the UK has its civil war. - an idiot, abroad, 02/6/2012 19:05 --------------------------------------------------------------------------------------------------------------- ha ha,.....civil war??......ha ha...keep taking the medication you tiny little boy

It only affects the ordinary citizens.But there are signs that the new government of Greece(after 17th.June) may reconsider the Greek citizenship of those who have no explanation of how they came by the billions they spirited away to London.

Well, one has to laugh! When their countries default on their debt, and the euro collapses, there will be sufficient change to the political landscape to warrant a referendum in the UK. Which, judging by current polls would be a resounding "OUT" vote. This would mean we no longer have to permit free movement to EU citizens. Neither would they have the right to live or work here, freely as they do now. So there may well be lots of wealthy Greeks, Spaniards and French who habe expensive London homes which they can only use when on holiday. Indeed, any withdrawal from the EU would open up the way for a British government to tax Europeans with property in the UK, probably pretty heavily. And of course, if by some miracle the British public's wishes are honoured, many of these mercenary, wealthy continentals won't get their nose through the door again!

they won't stay for long when the UK has its civil war.

Any EU citizen buying property in this country should have it confiscated and the proceeds go towards paying us back for the constant bailouts we are giving the EU despite NOT being part of the shambles of the single currency. We have bailed out Greece, Ireland and Portugal now looks like we are going to have to give billions to Spain.

And so we welome money aquired by evading tax into the London property market inflating prices! Well it has always been said the rats are the first to leave a sinking ship.

its typical of affluent society they have no loyalty to there country only to there greed they bleed there country of its wealth and then when things go wrong they leave like rats deserting a sinking ship

we are all in this together part IV

And housing in London will not be very safe if a plane is shot down during the Terror Olympics 2012

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